The business will likely be valued at between $600m and $700m, said Reuters, citing three people familiar with the matter.
Olympus has fought off competition from other private equity firms including Advent International Corp, American Securities and AEA Investors, according to the sources, which also said that the deal could still fall through.
Brazos created the company in March 2012 by merging Ennis Paint and Flint Trading in a deal that valued the enlarged business at $575m including debt.
Last month it was reported that Brazos hired investment bank Harris Williams & Co to manage the sale.
Olympus’ portfolio companies include disposable plastic kitchen goods-maker Waddington North America, which was acquired from buyout firm Seven Mile Capital Partners in October last year.
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